The invention relates generally to stored value fund transactions, and more particularly relates to transferring money between parties with a network-accessible stored value fund.
One party may wish to transfer money to herself, a counter party, or vice versa, for any of a variety of reasons. Frequently, a payor party owes a debt to a payee party. The debt may be an informal IOU or a more formal transaction. Other times, the payor may wish to give the money to the payee as a gift. For example, the payee may have sold an auction item to the payor.
Until recently, payors typically complete such payments via cash, check or money order because the payee does not have the ability to receive money electronically. Electronic payment methods exist, such as credit cards and bank account debits through electronic fund transactions, however, the payor may not have access to these methods for whatever reason. For example, these electronic payment methods may require purchasing hardware and/or software to support accepting payment. Configuration, maintenance, and training for these electronic payment methods are costly and time consuming.